Hikma Pharmaceuticals Regulatory News (HIK)

Director changes and update on AGM 2022 resolution

Hikma appoints Victoria Hull and Laura Balan as Directors

London, 30 September 2022 - Hikma Pharmaceuticals PLC (LSE: HIK) (DIFX: HIK) (Hikma) announces the appointments of Laura Balan and Victoria Hull as independent Non-Executive Directors with effect from 1 October and 1 November 2022 respectively.

Commenting on their appointments, Said Darwazah, Executive Chairman and CEO said 'I am very pleased to welcome Laura and Victoria to the Hikma Board. Laura brings extensive knowledge of the global healthcare industry and an excellent track record of investing in a broad range of healthcare businesses. She is a strong strategic thinker who will add value to the Board. Victoria brings broad experience across a range of businesses, having held executive and non-executive director roles. She has strong experience of the UK listed environment and brings extensive M&A experience to the Board".

In line with our plans for the future composition of the Hikma Board, Victoria will be appointed Senior Independent Director and assume the role of Chair of the Nomination and Governance Committee during the course of 2023. The effective date for these changes will be confirmed in the 2022 Annual Report.

About Laura Balan

Laura worked for 17 years at The Capital Group Companies, the US investment manager with $2.6 trillion under management, where she recently retired from her role as partner. Covering the European healthcare and pharmaceutical sectors while at Capital, Laura gained a deep understanding of international business, the pharmaceutical industry globally, key sector trends and dynamics. Prior to her time at Capital, she held associate and analyst roles at The Goldman Sachs Group Inc, focused on European healthcare and global investment research.

Laura in an investment professional and CFA Charterholder, she holds an BA(Hons) in International Business from the Bucharest Academy of Economic Studies.

About Victoria Hull

An experienced non-executive director, Victoria is currently serving Non-Executive Directorships and Remuneration Committee Chair positions for IQE PLC, Alphawave IP Group PLC and Network International Holdings PLC. Victoria was also the Senior Independent Director for Ultra Electronics Holdings PLC, until their acquisition by a private equity firm in August 2022.

During her executive career, Victoria was Chief Legal Officer and Executive Director at Invensys Plc, now Schneider Electric, from 2001 to 2014. Prior to this, she held various roles at Telewest Communications PLC from 1994 to 2001, including Executive Director and Chief Legal Officer & Company Secretary. Victoria is a solicitor and began her career at Clifford Chance LLP.

Update on AGM 2022 resolution

In accordance with the requirement of Provision 4 of the UK Corporate Governance Code, Hikma is providing an update following significant votes (defined as above 20%) against resolution 8 for the re-election of Pat Butler, Senior Independent Director and Chair of the Nomination and Governance Committee at the Annual General Meeting held on 25 April 2022 ("2022 AGM").

Following feedback from shareholders prior to the 2022 AGM, the Board understood that the level of significant votes against resolution 8 was because the level of female representation on the Board fell from 30% to 22% at the conclusion of the 2022 AGM, significantly below the gender diversity target set by the Hampton-Alexander Review. The reduction in female representation followed the retirement of Dr. Pamela Kirby at the 2022 AGM, which the Board had previously envisaged would happen in 2023. 

The Board has always taken diversity seriously, having adopted the diversity targets set by the Hampton-Alexander Review and the Parker Review, and, assisted by its Nomination and Governance Committee, immediately took steps following the 2022 AGM to raise the level of female representation on the Board.

The appointments of Laura Balan and Victoria Hull as independent Non-Executive Directors with effect from 1 October and 1 November 2022, respectively, bring the level of female representation on our Board to 40%, in line with the new gender diversity target set by the Listing Rules and ahead of the FCA's implementation timetable for financial years beginning on or after 1 April 2022.

A further update will be provided in the 2022 Annual Report.

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Enquiries:

Hikma Pharmaceuticals PLC

Hussein Arkhagha, Chief Counsel and Company Secretary +44 (0)20 7399 2760

Susan Ringdal, EVP Strategic Planning and Global Affairs +44 (0)20 7399 2760